17 January 2013 12:00 [Source: ICIS news]
LONDON (ICIS)--Here is Thursday’s midday European oil and chemical market summary from ICIS.
CRUDE: February WTI: $94.49/bbl, up 25 cents/bbl. March BRENT: $110.02/bbl, up 34 cents/bbl
Crude oil futures edged higher, supported a successful Spanish bond auction which saw borrowing rates fall for the indebted nation. Prices were also supported by an unexpected drop in US crude stocks.
NAPHTHA: $909-911/tonne, up $8/tonne
The cargo range climbed, driven by a stronger crack spread. February swaps were assessed at $908-910/tonne.
BENZENE: $1,425-1,450/tonne, up $25-30/tonne
Firmer Asian numbers helped push the European market up further this morning, with Brent still hovering around the $110/bbl mark which also supported the uptrend. February was flat with January.
STYRENE: $1,670-1,700/tonne, up $5-15/tonne
Higher benzene numbers saw the January bid/offer range move up, notably on the selling side. February remains in contango at $1,695-1,725/tonne while March was higher still at $1,710-1,740/tonne.
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